Press release
Strong Growth Ahead: All-Wheel Drive Market Size To Grow At Arecord 8.2% Cagr By 2029
All-Wheel Drive
How Big Is the All-Wheel Drive Market Size Expected to Be by 2034?
The All-Wheel Drive Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].
How Big Is the All-Wheel Drive Market Size Expected to Be by 2034?
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What Are the Emerging Segments Within the All-Wheel Drive Market?
The all-wheel drive market covered in this report is segmented -
1) By Type: Automatic All-Wheel Drive, Manual All-Wheel Drive
2) By Propulsion: Internal Combustion Engine (ICE) Vehicle, Electric Vehicle, Battery Electric Vehicle (BEV), Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle (PHEV)
3) By Component: Differential, Transfer Case, Propeller Shaft, Power Transfer Unit, Final Drive Unit
4) By Vehicle: Passenger Vehicle, Commercial Vehicle
5) By Application: On-Road, Off-Road
Subsegments:
1) By Automatic All-Wheel Drive: Full-Time Automatic All-Wheel Drive, Part-Time Automatic All-Wheel Drive
2) By Manual All-Wheel Drive: Selectable Manual All-Wheel Drive, Locking Manual All-Wheel Drive
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What Long-Term Drivers Are Shaping All-Wheel Drive Market Trends?
The surge in electric vehicle popularity is projected to accelerate the expansion of the all-wheel drive market. These electric vehicles use electricity stored in batteries or other energy storage mediums to power one or more electric engines. Usually, all-wheel-drive electric cars possess an electric motor at each axle or wheel, granting control to all wheels simultaneously. For example, the International Energy Agency - a France-based self-governing intergovernmental organization, reported in June 2024, that electric car sales topped 3 million in the first quarter of 2024, marking a 25% growth from the previous year. This contributed to a total of 14 million EV sales in 2023, reflecting a 35% increase year-on-year, with electric cars accounting for 18% of global car sales. China reported 60% of these sales, Norway achieved a remarkable 93% EV share, and battery production in 2023 reached 2.5 TWh, with forecasts to surpass 9 TWh by 2030. Therefore, the escalating demand for electric vehicles is fueling the expansion of the all-wheel drive market.
Who Are the Top Competitors in Key All-Wheel Drive Market Segments?
Major companies operating in the all-wheel drive market include Volkswagen AG, Toyota Motor Corporation, Stellantis NV, Bayerische Motoren Werke AG, Mercedes-Benz, Honda Motor Company Ltd., Ford Motor Company, Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Audi AG, Kia Motors Corporation, Volvo Group, Magna International Inc., AISIN SEIKI Co. Ltd., Land Rover, Subaru Corporation, Valeo SA, Lincoln Motor Company, Mitsubishi Motors Corporation, JTEKT Corporation, American Axle & Manufacturing Inc., OC Oerlikon, Lucid Motors Inc., Continental AG
What All-Wheel Drive Market Trends Are Gaining Traction Across Different Segments?
Leading corporations in the all-wheel drive market are putting emphasis on inventing cutting-edge products, including all-wheel drive systems for vehicles, to meet the growing necessity. These all-wheel drive systems grant power to every wheel of a car, fostering greater control and steadiness as each wheel can independently control torque, hence ameliorating performance under diverse driving circumstances. For example, Smart, a German automobile manufacturer renowned for its compact, two-seat cars like the Fortwo, introduced the Smart #1 Pulse in June 2023. This is a fresh version of the Smart #1 electric model, fitted with an all-wheel drive system for superior traction and an assortment of luxurious features. The Smart #1 Pulse distinguishes itself in the all-wheel drive market with its dual motor design, offering improved traction for heightened safety across various driving situations. Furnished with high-end features such as a 360° camera, halo roof, 10-inch head-up display, and gesture-controlled tailgate, the 1 Pulse satisfies not just the escalating demand for all-wheel drive systems but also provides a persuasive blend of technology and safety improvements, enhancing the overall progression and attraction of all-wheel drive choices within the automotive sector.
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Which Regions Are Becoming Hubs for All-Wheel Drive Market Innovation?
Asia-Pacific was the largest region in the all-wheel drive market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the all-wheel drive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the All-Wheel Drive Market?
2. What is the CAGR expected in the All-Wheel Drive Market?
3. What Are the Key Innovations Transforming the All-Wheel Drive Industry?
4. Which Region Is Leading the All-Wheel Drive Market?
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